ARTICLE
30 October 2024

STAR Provides $2.3Billion In Tax Relief To New York Homeowners

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Farrell Fritz, P.C.

Contributor

Farrell Fritz is a full-service regional law firm with approximately 80 attorneys in five offices, dedicated to serving closely-held/privately-owned/family owned businesses, high net worth individuals and families, and nonprofit organizations. Farrell Fritz handles legal matters in the areas of bankruptcy and restructuring; business divorce; commercial litigation; construction; corporate and finance; emerging companies and venture capital; employment law; environmental law; estate litigation; healthcare; land use and zoning; New York State Regulatory and Government Relations; not-for-profit law; real estate; tax planning and controversy; tax certiorari, and trusts and estates.

As previously reported here on Tax Tracker in June, the School Tax Relief (STAR) program offered by New York State offers property tax relief to eligible homeowners.
United States New York Tax

As previously reported here on Tax Tracker in June, the School Tax Relief (STAR) program offered by New York State offers property tax relief to eligible homeowners. Now, we have a number to associate with it for 2024 – $2.3 billion as recently announced by Governor Hochul. See link: Governor Hochul Highlights $2.3 Billion in Tax Relief for Nearly 3 Million New Yorkers | Governor Kathy Hochul (ny.gov)

Approximately 2 million New Yorkers have already received the tax relief benefit this year so far, with 1 million more expected to receive the same in the coming weeks. The benefit is set to be delivered around the time the school tax bill is issued.

A breakdown of this year's total $2.3 billion STAR benefits and nearly 3 million recipients by region is seen below:

REGION STAR TAX RELIEF RECIPIENTS
Long Island $736.4 million 596,000
Mid-Hudson $515.2 million 414,000
Finger Lakes $216.4 million 286,000
Western New York $188.2 million 328,000
New York City $167.3 million 495,000
Capital Region $152.3 million 248,000
Central New York $138.3 million 180,000
Southern Tier $115.6 million 160,000
Mohawk Valley $69.9 million 103,000
North Country $49.8 million 90,000
TOTAL $2.3 billion 2.9 million

Eligible homeowners on Long Island can sign up for direct deposit before their STAR credits are issued by following the instructions provided here: STAR Credit Direct Deposit (ny.gov)

New York State continues to fund the STAR program which has proven to become a reliable benefit to eligible homeowners.

See Tax Tracker post for STAR information basics – Understanding New York State's STAR Program – Farrell Fritz

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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